NY Bar Exam Real Property Practice Questions and Answers

NY Bar Exam Real Property Practice Questions and Answers 1. Fee Simple Absolute: Divisible, descendable and alienable 2. Fee Tail: Abolished and turns into a fee simple absolute 3. Life Estate: Req'ts: life tenant limited by doctrine of waste. Future Interest: reversion in grantor or remainder 3d party. If life estate in 2 persons, contingent remainder in fee simple upon death of first. 4. Fee Simple Determinable NY: FEE ON LIMITATION: Req'ts: Clear conditional language, violation of which leads to automatic forfeiture. Characteristics: Divisible, descendible, alienable - but always subject to durational condition. Future interest: Possibility of reverter 5. Fee Simple Subject to Condition Subsequent NY: FEE ON CONDITION: - Req'ts: Clear language that grantor has a right to re-enter. Char: Divisible, descendible, alienable, subject to condition. If violated, interest may terminate at grantor's option. Future Interest: right of entry 6. Fee Simple Subject to Executory Limitation: Char: divisible, descendible, alienable subject to condition. Future interest: shifting executory interest to 3d party; springing executory interest to grantee. 7. Future Interests - To Grantor: Possibility of reverter. Right of entry - NY: RIGHT OF REACQUISITION. Reversion 8. Future Interests -To 3rd Party: Shifting executory interest: follows defeasible fee of some sort. Contingent remainder: unascertained person OR subject to condition precedent, or both. If cond precedent, conditional language appears before language creating remainder. If satisfied, becomes indefeasibly vested remainder. NY: NO DIFF BTWN EXEC INTEREST & CONDITION REMAINDER. CALLED "REMAINDERS SUBJ TO COND PREC". Vested remainder: ascertainable person and not subject to condition precedent Indefeasibly vested remainder: 3rd person certain to acquire future interest w/o condition. Vested remainder subject to complete defeasance/total divestment: 3rd party's future interest could get cut short by satisfaction of a condition subsequent. Vested remainder subject to open: remainder vested in group with at least one qualified to take, but possible to add more class members. 9. Doctrine of Waste: Very Athletic Purple Aliens